The Company has entered into master repurchase agreements with Citigroup Global Markets Inc. (the “Citi MRA”), Royal Bank of Canada (the “RBC MRA”), Bank of America Merrill Lynch (the “BAML MRA”), Morgan Stanley Bank, N.A. (the “MS MRA”), MUFG Securities EMEA PLC (the “MUFG MRA”), HSBC Bank USA, National Association (the “HSBC MRA”), and Barclays Bank PLC (the “Barclays MRA”) to provide the Company with additional financing capacity secured by certain of the Company’s investments in real estate debt. The terms of the Citi MRA, RBC MRA, BAML MRA, MS MRA, MUFG MRA, and HSBC MRA provide the lenders the ability to determine the size and terms of the financing provided based upon the particular collateral pledged by the Company from time-to-time and may require us to provide additional margin in the form of cash, securities or other forms of collateral should the market value of the pledged collateral decline. The Barclays MRA has a maximum facility size of $750.0 million and repurchase agreements under the Barclays MRA have longer dated maturity compared to the Company’s other master repurchase agreements. Additionally, the Barclays MRA contains specific spread and advance rate provisions based on the rating of the underlying investments in real estate debt. The Company is in compliance with all financial covenants of the Barclays MRA.

During April 2020, the Company entered into an asset-specific Total Return Swap (“TRS”) and sale of a financial asset, collectively accounted for as a secured financing with Deutsche Bank (the “DB Secured Financing”) in the amount of $252.7 million. The DB Secured Financing is secured by one of the Company’s term loans and bears interest equal to the three-month EURIBOR plus 1.80% per annum. Additionally, as part of the DB Secured Financing, the Company is responsible for providing in cash, the equivalent of any decline in value on the underlying collateral.

The following tables are a summary of the Company’s secured financings on investments in real estate debt ($ in thousands):

June 30, 2020

Indebtedness

Weighted Average

Maturity Date⁽¹⁾

Security

Interests

Collateral

Assets⁽²⁾

Outstanding

Balance

Prepayment

Provisions

RBC MRA

3/17/2021

CMBS/Corporate bonds

1,689,690

1,171,687

None

Barclays MRA

9/29/2021

CMBS

1,088,259

750,000

None

DB Secured Financing

4/2/2022

Term Loan

393,535

252,727

None

Citi MRA

2/23/2021

CMBS/RMBS

300,248

195,271

None

3,471,732

2,369,685

December 31, 2019

Indebtedness

Weighted Average

Maturity Date⁽¹⁾

Security

Interests

Collateral

Assets⁽²⁾

Outstanding

Balance

Prepayment

Provisions

RBC MRA

6/23/2020

CMBS/Corporate bonds

1,980,951

1,561,642

None

Barclays MRA

9/29/2021

CMBS

981,652

750,000

None

MS MRA

2/1/2020

CMBS

636,734

508,510

None

Citi MRA

1/14/2020

CMBS/Corporate bonds

266,406

205,762

None

MUFG MRA

4/30/2020

CMBS

86,332

62,561

None

BAML MRA

1/24/2020

CMBS/Corporate bonds

4,807

3,662

None

3,956,882

3,092,137

⁽¹⁾	Subsequent to June 30, 2020, the Company rolled its repurchase agreement contracts expiring in July 2020 into new contracts.

⁽²⁾	Represents the fair value of the Company’s investments in real estate debt that serve as collateral.

The weighted average interest rate of the Company’s secured financings was 1.5% (L+1.4%) and 3.0% (L + 1.3%) as of June 30, 2020 and December 31, 2019, respectively. The term “L” refers to the relevant floating benchmark rates, which include USD LIBOR, GBP LIBOR and EURIBOR, as applicable to each secured financing.